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austinl1
New Member

Do I need to amend my 1040EZ for a K1 that was received after filing on an ETF that lost $25?

After filing my 1040 EZ, I received a K1 on a $275 ETF I cashed out. Part III of the K-1 is mostly blank except for Box 11, which shows a loss of $25.and box 13 which has a K in it. Is it necessary to amend for a small loss like this? How do I amend a 1040EZ?

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MargaretL
Expert Alumni

Do I need to amend my 1040EZ for a K1 that was received after filing on an ETF that lost $25?

No, it is not necessary to amend at this point, as the loss will not impact your tax return. The code K deduction is subject to the 2% floor, meaning only amount over 2% of your Adjusted Gross Income will actually make a difference on your tax return. I highly doubt that the $25 amount exceeds the 2% of your AGI.

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3 Replies
MargaretL
Expert Alumni

Do I need to amend my 1040EZ for a K1 that was received after filing on an ETF that lost $25?

No, it is not necessary to amend at this point, as the loss will not impact your tax return. The code K deduction is subject to the 2% floor, meaning only amount over 2% of your Adjusted Gross Income will actually make a difference on your tax return. I highly doubt that the $25 amount exceeds the 2% of your AGI.

austinl1
New Member

Do I need to amend my 1040EZ for a K1 that was received after filing on an ETF that lost $25?

Thank you for helping me with this answer!
MargaretL
Expert Alumni

Do I need to amend my 1040EZ for a K1 that was received after filing on an ETF that lost $25?

My pleasure and good luck in 2017!
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